When Entry and Exit Behavior of Firms in an Industry

question 179

Multiple Choice

When entry and exit behavior of firms in an industry does not affect a firm's cost structure,

• A) the long-run market supply curve must be horizontal.
• B) the long-run market supply curve must be upward-sloping.
• C) the long-run market supply curve must be downward-sloping.
• D) we can't tell anything about the shape of the long-run market supply curve.

Acknowledge international comparisons and statistics regarding poverty.

Understand the factors contributing to income disparities and the economic benefits of higher education.

Recognize the demographics and statistics related to poverty in the United States.

Comprehend the causes of poverty and the different viewpoints surrounding it.

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Definitions:

Supreme Court

The highest federal court in the United States, endowed with the judicial power to interpret and apply the Constitution, thereby shaping the nation's laws and society.

Death Penalty

The death penalty is a legal punishment where a person is put to death by the state as a penalty for a crime.

Constitutional Justification

The reasoning or basis in a constitution that supports a law, action, or policy.

Ex Post Facto Law

A law that retroactively changes the legal consequences (or status) of actions that were committed before the enactment of the law, which is generally prohibited by constitutional principles in many countries.